Thursday, September 13, 2018

Three Steps to Stay Ahead in the Competitive Life Insurance Game

Our world is changing fast. Consumers have new purchasing expectations, and they demand simplicity at every turn. In fact, 64 percent say they’ll pay more for simpler experiences. 1

To stay ahead, it’s crucial to understand the reasons behind consumer behavior, and where it might be headed next. Doing so will help you forge deeper connections with members—today and in the future.

Here are some steps to help you grasp the changing life insurance landscape, and to simplify your products and services in response.

Identify with today’s consumers. 
Credit union demographics are shifting, with multicultural membership growing 61 percent in the last five years.2 And with more seniors heading online—45 percent visit provider websites—plus 79 percent of millennials wanting life insurance that’s easy to understand, there are many unique demands to address. 3 Make sure to work the values of these hardworking consumers into your communications to truly resonate.

Realize the wide range of reasons for owning.
Life insurance is a versatile financial tool, but when one out of three people admit they don’t have enough, it’s crucial to help them understand all that it can do. For 54 percent of consumers, life insurance helps pay off their mortgage, while 52 percent use it to supplement retirement income. 3 Making your program simple will help more members understand its role, and get the protection they need.

Understand the need for speed. 
Amazon has made speed and ease the norm, which consumers now expect in every transaction—including buying life insurance. If your purchase processes aren’t fast or simple enough, consumers will head elsewhere for an easier experience. Offering budget tools and an ultra-responsive website will help you put life insurance just a few clicks away.

Want more tips on how to stay ahead in the competitive life insurance game and forge better connections with your members? Download our free infographic and e-book now. 

1 Siegel & Gale, “Global Brand Simplicity Index 2017,” January 2017. 
2 CUNA Mutual Group and TruStage®, “What Matters Now: Insights From Multicultural Consumers” research report, 2018. 
3 Life Happens & LIMRA study, “2017 Insurance Barometer.”